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Asia-Pacific Protein Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

Asia-Pacific Protein Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

  • September 2022
  • ID: 6321737
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The Asia-Pacific Protein Market stood at 6.86 billion usd in 2021 and is projected to register a CAGR of 3.98% to reach 8.34 billion usd in 2026.

Key Highlights
Largest Segment by Source - Plant : Immense availability, functionality, vegan protein source, and low price of soy, wheat, and pea have contributed to the region’s leading position of plant proteins.
Largest Segment by End User - Food and Beverages : F&B is driven mainly by the meat and beverage sectors. The multifunctionalities of plant protein imparted in these products, as well as rising consumers taste for vegan meals.
Fastest Growing Segment by Source - Plant : The surging demand for plant proteins, mainly pea and soy proteins, especially from beverages, snacks, bakery, and meat alternatives, aided in their fastest growth.
Fastest Growing Segment by End User - Personal Care and Cosmetics : Protein-enriched skin, body, and hair care products are on the rise. Players offering protein ingredients with distinct concentration as per the need is boosting the segment.

Key Market Trends

Largest Segment By End User : Food and Beverages

Food and beverage remained the largest protein-consuming sector in the region. Among others, bakery and dairy and meat alternatives remained the major application areas, capturing a 41% volume share of the protein consumed in the region in 2020. Growing demand for animal-free products amid rising veganism attracted greater integration of plants, especially soy proteins, in dairy and meat imitation applications.
The sector was followed by animal feed that relied on plant proteins for their cost-effective and nutritional attributes. Asia-Pacific is one of the major cattle-producing regions with the dominance of countries like India and China, where the demand for quality-centric animal feed is growing, further benefitting the market studied. Due to the significant share, the application is set to record a major volume CAGR of 4.22% during the forecast period.

Largest Country : China

By country, the market was led by China in 2020, majorly driven by the food and beverage sector. The demand was highly influenced by significant investments made to roll out innovative products in the retail space. For instance, in 2018, Lightspeed China Partners and Unity ventures, along with two others, invested in Haocan (Beijing) Food Service Management Co. Ltd to develop a chickpea-based snack product. Later in the same year, InnovoPro raised a fund of USD 4 million to produce plant-based protein ingredients.
The market was closely followed by India, which is being driven by the emerging young population and their demand for high-protein meals. Initiatives such as India Protein Score are further boosting protein-related awareness among consumers. Launched in 2020 by LabelBlind and Right To Protein, the IPS highlights protein content in pre-packaged foods to help citizens that ask for high-protein products.

Competitive Landscape

The Asia-Pacific Protein Market is fragmented, with the top five companies occupying 13.76%. The major players in this market are Archer Daniels Midland Company, Darling Ingredients Inc., DuPont de Nemours Inc, Fonterra Co-operative Group Limited and Kerry Group plc (sorted alphabetically).

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